Audit of newly incorporated company

 The following note should always be there in the first year notes to accounts that

"This being the first year of the company, the accounts have been drawn from 11^th June, 2009 to 31^st March, 2010 and therefore no corresponding figures for the previous year have been given."

and the profit & loss should be for the period ended from 11^TH JUNE, 2009 TO 31^ST MARCH, 2010    

And the applicability of accounting standard depends upon the size and the turnover of the company.